Paystand has acquired Teampay, according to a statement from the company.
Details of the transaction were not immediately available.
Paystand is a payments platform that claims to be the largest B2B receivables, payables, and payments network running on blockchain. Paystand digitizes receivables and automates processing while seeking to eliminate transaction fees. The AR/AP solutions currently serve US and LATAM businesses.
Teampay seeks to streamline the purchase process across virtual and physical cards, invoices, and reimbursements.
Paystand says it aims to become the next Venmo, building a decentralized finance (DeFi) network, capable of connecting buyers and suppliers at scale.
The combined platform is described as empowering firms to drive profitable behaviors among employees, vendors, and customers. The company aims to help CFOs see direct contributions to profitability with quicker revenue and greater payment savings.
Paystand reports a network of more than 800,000 companies with $10 billion in transaction. The acquisition is expected to be expanded by Teampay’s network of 250,000 companies.
Jeremy Almond, Paystand CEO, described the acquisition as bringing “zero-fee blockchain payment tech” into the heart of traditional finance technology.
“Paystand can leverage its blockchain infrastructure to enhance Teampay’s impressive expense and AP management capabilities. The results will be game-changing – a truly next-gen, smart B2B payment network at scale that transforms the office of the CFO and brings radically better economics to businesses.”
Almond said they are “well on their way to a DeFi revolution.”
